Press release
Tires Market is growing at a CAGR of 4.2% during forecasting period 2023-2029
Tires Market
The Tires Market Report encompasses a comprehensive analysis of the global tire industry, providing a detailed scope of the market and its various segments. The report delves into the market dynamics, including key drivers, challenges, opportunities, and trends influencing the tire market's growth. It offers a thorough examination of different tire types, such as radial, bias, and tubeless, while also considering the diverse applications across sectors like automotive, aviation, and industrial machinery. The scope extends to regional analyses, capturing the market landscape in key regions like North America, Europe, Asia-Pacific, and beyond. The report incorporates both qualitative and quantitative research methodologies, leveraging market surveys, interviews, and statistical data analysis to present a well-rounded perspective. Additionally, it explores the competitive landscape, profiling major players and assessing their strategies to provide insights into the overall market competition.
The research methodology employed in the Tires Market Report is rigorous and systematic, ensuring the accuracy and reliability of the findings. The report relies on primary sources, including industry experts, manufacturers, and stakeholders, to gather first-hand information about market trends and dynamics. Furthermore, it incorporates secondary sources such as reputable journals, industry publications, and government reports to validate and supplement the primary data. The quantitative analysis involves the use of statistical tools and models to interpret market size, growth rates, and other numerical aspects. The qualitative analysis, on the other hand, offers a deeper understanding of factors such as consumer preferences, market trends, and industry challenges. Overall, the Tires Market Report provides a comprehensive and well-researched overview of the tire industry, catering to the needs of investors, businesses, and other stakeholders seeking valuable insights into this dynamic market.
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What are Tires Market Dynamics?
The global tire market is experiencing significant growth driven by the increasing production and sales of vehicles worldwide. The surge in demand for commercial vehicles, including trucks and trailers, contributes to the market's momentum. Consumers' preferences for lightweight cars, as well as luxury and premium vehicles, further fuel the market's expansion. With global vehicle sales reaching approximately 88.7 million in 2019 and expected to hit XX million by 2026, the demand for tires remains robust.
Furthermore, the tire market is set to benefit from the expanding electric vehicles sector. As consumers become more environmentally conscious, the market is witnessing a shift towards sustainable alternatives. Stringent regulations aimed at reducing emissions have prompted manufacturers to focus on environmentally friendly options in vehicle production. The growth of the electric vehicle market, particularly in China, is anticipated to play a pivotal role, reaching a market value of 3.79 million by 2026. This emphasizes the increasing appeal of electric vehicles, driven by factors such as improved range, battery life, reliability, and affordability.
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What is Tires Market Regional Insight?
The Asia-Pacific region is expected to grow at a CAGR of 5.3 percent during the forecast period. In 2022, the Asia Pacific region holds 48 percent of the global market. The tire market in Asia is diverse, with passenger car and light truck tires dominating. In 2022, China, India, and Japan accounted for 72 percent of the Asia tire market, with 1.3 billion tires valued at $97.4 billion. Although COVID-19 has a significant impact on tire sales in 2020, the Asian tire market is expected to grow by 3.6 percent during the forecast period.
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What is Tires Market Segmentation?
by Type
Radial Tires
Bias Tires
Non-Pneumatic Tires
by Vehicle Type
Passenger Cars
Commercial Cars
Off-Road Cars
by Distribution Channel
OEM
Aftermarket
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Who are Tires Market Key Players?
North America
Cooper Tire & Rubber Company (U.S)
Goodyear Tire & Rubber Company (U.S)
Europe
Avon Tyres (U.K)
Continental AG (Germany)
MITAS A.S. (Czech Republic)
Michelin (France)
Groupe Michelin (France)
Nokian Tyres Oyj (Finland)
Pirelli & C. S.p.A (Italy)
Asia Pacific
Apollo Tyres Ltd (India)
MRF (India)
CEAT (India)
JK Tyre & Industries Ltd (India)
Madras Rubber Factory Ltd.(India)
Bridgestone Corporation (Japan)
Toyo Tire & Rubber Co., Ltd.(Japan)
Table of content for the Tires Market includes:
1. Global Tires : Research Methodology
1. Global Tires : Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
3. Global Tires : Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact
6. Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
Key Offerings:
• Past Market Size and Competitive Landscape
• Tires Market Size, Share, Size & Forecast by different segment |
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Tires Market Segmentation - A detailed analysis by Product
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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